SCHEDULE: Miller Value Partners Discloses Stake in Gray Media

Miller Value Partners, LLC and William H. Miller IV have reported beneficial ownership of 5.779% of Gray Media, Inc. common stock as of February 12, 2026.

Summary

• Miller Value Partners, LLC, an investment adviser, and its control person, William H. Miller IV, have jointly filed a Schedule 13G.
• They collectively beneficially own 5,370,100 shares of Gray Media, Inc. common stock.
• This ownership stake represents 5.779% of the class of securities.
• The filing date for this event is February 12, 2026.
• The shares are held for clients of Miller Value Partners, LLC, with William H. Miller IV deemed the beneficial owner due to his control of the firm.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral; it's a routine disclosure of ownership and does not provide performance or strategic information about Gray Media, Inc.

Positives

• Significant stake of 5.779% indicates investor confidence in Gray Media, Inc.
• The filing is routine for institutional investors crossing a 5% ownership threshold, suggesting normal investment activity.

Negatives

• No specific financial performance or strategic updates are provided in this filing, as it is purely an ownership disclosure.

Risks

• Potential for future changes in ownership by Miller Value Partners, LLC, which could impact share price.
• Regulatory scrutiny if ownership levels change significantly or if the shares are acquired for control purposes (though the filing certifies otherwise).

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Gray Media, Inc.'s future performance. It is solely an ownership disclosure.

Management Comments

• "5,370,100 shares of common stock are owned by clients of Miller Value Partners, LLC, a registered investment adviser."
• "William H. Miller IV is the control person of Miller Value Partners, LLC and therefore deemed to be beneficial owner of same."
• "Various accounts managed by Miller Value Partners, LLC have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. No such account individually owns more than 5% of the outstanding shares."
• "I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

StockSavvy.ai notes that Schedule 13G filings are standard for institutional investors like Miller Value Partners, LLC when they cross the 5% ownership threshold in a publicly traded company. This filing indicates a significant investment in Gray Media, Inc. by a notable investment firm.

Stakeholder Impact

• Shareholders: The disclosure of a significant stake by an institutional investor may influence market perception and potentially share price, though the filing itself is not a trading recommendation.
• Management of Gray Media, Inc.: Will be aware of Miller Value Partners, LLC's substantial holding and may consider their perspective in strategic decisions.
• Regulators: The filing ensures compliance with SEC disclosure requirements.

Next Steps

• Monitor future filings by Miller Value Partners, LLC and William H. Miller IV for any changes in their ownership stake in Gray Media, Inc.
• Observe Gray Media, Inc.'s future financial reports and strategic announcements for performance indicators.

Key Dates

Keywords

Schedule 13G, Gray Media, Inc., Miller Value Partners, LLC, William H. Miller IV, Beneficial Ownership, Investment Adviser, Common Stock, SEC Filing